Shiba Inu Secures $12 Million Investment to Develop Layer 3 Network
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After several delays, the Shiba Inu project (Shibarium), an L2 scaling solution within its blockchain, has successfully launched under its lead developer, Shytoshi Kusama. This achievement marks a significant milestone following a series of refinements.

Kusama’s Insights And Token Dynamics

Shytosi Kusama, the lead developer at Shiba Inu, announced the live status and practical functionality of Shibarium. Before the official launch of Shibarium, the platform had already boasted a user base of over 65,000 wallets and a transaction count of 350.

It is worth noting that several tokens have been launched on this L2 solution, some of which are unique and occasionally controversial, giving diverse reasons for user engagement in the SHIB ecosystem. Kusama commended the strategic decision to fork Polygon and pursue the ambitious Shibarium project, which has now proven successful.

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Meanwhile, Kusama highlighted a token withdrawal process for certain tokens, outlining variable durations for completion. For the BONE token, this process can span from 45 minutes to 3 hours or even up to 7 days.

However, unveiling the L2 scaling solution did not cause a substantial surge in the price of the native token of Shiba Inu (SHIB). In the past 24 hours, SHIB’s value has only been up by 2%, and its price now stands at $0.00000824, according to current Coingecko data.

Community Stake And Validator Network

The Shiba Inu ecosystem also announced the achievement of a noteworthy milestone. According to the announcement, the Shiba Inu community has collectively staked nearly 20 million BONE tokens, which translates to a substantial valuation of $26.56 million, on the Shibarium Network.

This remarkable accomplishment represents approximately 7.93% of the total BONE supply. Current Coingecko data shows that BONE trades at $1.28, down 2% in the last 24 hours.

Recall that the Shibarium Network thrives with the participation of 12 validators, forming the core of its operational framework. One of the pivotal roles of these validators is to approve transactions and ensure that the network remains secure.

Notably, the number of Shibarium validators is limited to 100, each of whom must stake a minimum of 10,000 BONE tokens. These validators are selected based on experience, expertise, and trustworthiness, in line with Shiba Inu’s plan in January.

Meanwhile, individuals who hold BONE tokens but choose not to operate validator nodes actively contribute to network security by delegating their stake to validator nodes. Following a turbulent initial launch with several technical difficulties, the Shibarium Network announced it would have an official relaunch.

Despite these obstacles, Kusama encouraged the community to maintain a positive perspective and focus on long-term goals rather than succumbing to short-term market fluctuations. Meanwhile, Shibarium has garnered a user base of over 65,000 wallets and facilitates more than 350,000 transactions.

The successful launch of Shibarium marks a pivotal moment for the Shiba Inu ecosystem and the developers. While this L2 solution has showcased robust functionality and diverse token utility, it has yet to impact SHIB’s value significantly.

However, the Shiba Inu community’s active participation in staking BONE tokens on the Shibarium Network underscores their dedication to the project’s growth and stability. This relaunch’s success has eradicated the previous launch’s painful experiences, as evidenced by the platform’s growing user base and transaction volume.

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George Ward

By George Ward

George Ward is a crypto journalist and market analyst at Herald Sheets, known for his engaging articles on the latest digital currency trends. With a background in finance and journalism, he presents complex topics accessibly. George holds a degree in Business and Finance from the University of Cambridge.